Press releases
We are the world's first and largest hydrogen private equity asset manager. We are investing across the hydrogen economy to deploy the infrastructure and technologies needed for a low-carbon, resilient and sovereign economy. To date, we have made 9 investments to support Hy2Gen, H2 Mobility, Enagas Renovable, Everfuel, Elyse Energy, InterContinental Energy, H2 Green Steel, HysetCo and Hexagon Purus.
Enagás Renovable
Hy24 and Enagás partner to accelerate development of green hydrogen economy Hy24 to take 30% stake in Enagás Renovable Capital increase accelerates development of Enagás Renovable’s renewable-to-gas platform Projects being developed in Spain and other international markets Madrid, Spain, 22 February 2022 – Hy24, the world’s largest clean hydrogen investment platform, has signed an agreement with Enagás, the Spanish energy infrastructure company, to become a shareholder in Enagás Renovable to accelerate the development of its leading renewable-to-gas platform. The investment by Hy24, a joint venture between Ardian and FiveT Hydrogen, will be executed through its Clean H2 Infra Fund via a capital increase in Enagás Renovable, giving it a 30% stake, while Enagás retains 70%. Spain combines competitive renewable resources with attractive market opportunities for hydrogen, including diverse industrial applications. Enagás Renovable, a subsidiary of Enagás, was founded in 2019 and has a portfolio of more than 50 specific projects throughout Spain in the fields of renewable gases and decarbonization, making it one of the largest European platforms for renewable-to-gas projects. The most advanced projects represent more than 750 MW of electrolysis capacity with a target Commercial Operation Date (COD) between 2023 and 2026, which represent around 20% of the Spanish hydrogen objectives in terms of installed capacity by 2030. The platform is expected to act as an aggregator for major Spanish green hydrogen projects. Antonio Llardén, President of Enagás, said: “This agreement with Hy24 is a milestone on the path that Enagás started in 2017 to drive and develop initiatives based on renewable gases. With this operation, Enagás adds hydrogen and biomethane experience and know how, as well as energy infrastructure management to Ardian’s experience in asset management and FiveT Hydrogen’s knowledge of the hydrogen value chain. This agreement will allow us to start up joint hydrogen projects to contribute to a just energy transition and to decarbonize future energy”. Pierre-Etienne Franc, CEO of Hy24 said: “We are very proud of this strategic partnership with Enagás. We expect this joint venture to accelerate the realisation of large green power-to-hydrogen projects in Spain to help decarbonise both industry and transport sectors. The quality of the Enagás Renovable’s team, the pipeline of projects and the unmatched position of Enagás in the energy ecosystem in Spain and other Spanish speaking territories are strong levers for sustainable value creation at the heart of the global energy transition”. Juan Angoitia, European Co-Head of Ardian Infrastructure said: “This alliance between Hy24 and Enagás is a strong move ahead for our approach to energy transition at Ardian. Hy24 is the front runner of hydrogen infrastructure funds, and we are proud to support Hy24’s moves with Enagás, a world class player, with deep roots in Spain, a key country for infrastructure development and investment for Ardian”. All Enagás Renovable’s projects are in line with the Hydrogen and Biogas Road Maps for Spain. The company already has several test facilities including Green Hysland Mallorca, the first Hydrogen Valley in Spain with electrolyzers that will be in operation in 2022. Hy24 was created by Ardian and FiveT Hydrogen to manage the Clean H2 Infra Fund, the world’s largest fund exclusively dedicated to clean hydrogen infrastructure solutions. The Fund was founded with a strong support from key industrial players in the hydrogen energy field. With strong industrial expertise at its core, Hy24 has the unique capacity to accelerate the scaling up of hydrogen solutions along the whole value chain: production, conversion, storage and supply and usage. Hy24 supports large early stage and strategic projects to become essential energy infrastructure. The Clean H2 Infra Fund has already raised €1Bn of allocations and expects to leverage 10 to 15 times more investment in the hydrogen industry via partnerships like the one with Enagás Renovable. This deal follows the first investment made earlier this month in participating to the 200 million € fund raise of the German company Hy2gen AG. This partnership will allow Enagás Renovable to increase its presence in the non-electric-renewable energy market, contributing to fulfilling the decarbonization targets set by Enagás, the Spanish Government and the European Union.
See more
Hy2gen
Hy24, Mirova, CDPQ and Technip Energies join forces to make record EUR200 million investment in green hydrogen pioneer Hy2gen AG The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications. World’s largest private investment in green hydrogen Capital will be deployed on e-fuels to decarbonise industry and transportation sectors Wiesbaden, Germany, 17. February 2022 – Hy2gen AG, the green hydrogen investment platform, today announces the successful completion of a EUR200 million, investment round. The capital will be used for the construction of facilities in several geographies including Europe, producing green hydrogen-based fuels – or “e-fuels” – for maritime and ground transport, aviation and industrial applications. The investment, which is the largest private green hydrogen-focused capital raise to date[1], is led by Hy24 with Mirova, CDPQ and strategic investor, Technip Energies. Cyril Dufau-Sansot, CEO of Hy2gen said: “As early as 2021, we were looking for the best possible combination of financial and strategic investors to build e-fuel production facilities. These have the potential to decarbonise entire industries and transport sectors. We are now very pleased that all parties have sealed the largest investment in this segment.” Pierre-Etienne Franc, co-founder and CEO of Hy24 said: “The magic combination for success in Hydrogen scale up is sizable projects in strategic basins, strong stakeholder support from off-take to project financing and execution, and the leadership of expert teams for development and steering. This is what Hy2gen has successfully gathered around the table. This first investment made by our Clean H2 Fund allows Hy24 to step into its role as a catalyst for hydrogen-based projects at scale to foster the energy transition.” Hy2gen, founded in 2017, is a pioneer in the electrolysis of green hydrogen and its derivatives. The company is one of the leading players in the green hydrogen industry, with 880MW in planning and construction and a further 12GW of projects in development. Hy24, the world’s largest clean hydrogen infrastructure platform, is a joint venture between Ardian, a world-leading private investment house, and FiveT Hydrogen, an investment manager specialising purely in clean hydrogen investments. The Clean H2 Infra Fund managed by Hy24 with EUR1 billion raised, intends to unlock strategic and large-scale projects under development to accelerate the scaling up of hydrogen markets. Raphaël Lance, Head of Mirova’s Energy Transition Infrastructure Funds, said: “Mirova is committed to financing sustainable solutions for the energy transition. We are convinced that green hydrogen has a key role to play in the decarbonisation of the industry and are proud to partner with Hy2gen and support their ambition to become a key player in the deployment of this energy of the future.” Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said: “CDPQ is delighted to take part in our first green hydrogen transaction alongside trailblazers of this promising vector of energy, one which has the potential to accelerate the decarbonisation of highly polluting industries. With this investment in Hy2gen, we demonstrate our determination to bring concrete and pragmatic solutions to address today’s environmental challenges.” Arnaud Pieton, Chief Executive Officer of Technip Energies, stated: “We are partnering and investing in Hy2gen, a first mover developer in the green hydrogen value chain. This will further strengthen our key market positioning in green hydrogen and its derivatives. This investment confirms the consistency of our partnership choices to deliver on our strategy. We look forward to contributing our engineering capabilities and our proven project delivery expertise to the concretization and acceleration of Hy2gen projects.”
See more
Hy24 and Clean H2 Infra Fund creation
Ardian and FiveT Hydrogen launches Hy24, the world’s largest clean hydrogen infrastructure investment platform Paris and Zurich, October 1st, 2021 – Ardian, a world leading private investment house, via its infrastructure business, and FiveT Hydrogen, a clean-hydrogen enabling investment platform, today announced a partnership to create Hy241, an equally owned joint venture. Hy24 will become the world’s largest investment platform focused on clean hydrogen infrastructure, designed to invest in projects that are critical to global decarbonization. Hy24 is targeting EUR1.5bn for its first fund, making the platform the industry’s largest clean hydrogen infrastructure manager. Of this, €800m has already been committed by a leading group of industrial and financial investors active in clean hydrogen. The fund is the result of distinct initiatives from two groups of investors: Air Liquide, TotalEnergies and VINCI, all fully committed to low carbon and renewable hydrogen development, each of which has pledged to invest €100m each as anchor investors. Plug Power, Chart Industries and Baker Hughes together (as former cornerstone investors in FiveT Hydrogen), who are also joining as anchor investors. LOTTE Chemical, a large Asian industrial Group, also confirmed its intention to join as an anchor investor, and so will AXA, a major institutional investor. Other large international industrial players, all strongly committed to carbon neutrality, also intend to join the initiative. These include: Groupe ADP, Ballard, EDF and Schaeffler. More are expected soon. The international tender process to select Hy24 and to engage industrial investors was arranged by Société Générale. Hy24 plans to bring together additional international institutional investors and industrial companies to provide scale and investing capability for hydrogen projects around the world. Hy24 combines Ardian’s world-class infrastructure investment expertise and asset management capabilities with FiveT Hydrogen’s extensive access to and experience with the hydrogen value chain. The combination will create the largest and most credible partner to energy giants and investors that are seeking a role in accelerating the build-out of hydrogen infrastructure. It meets the enormous demand from governments, corporations, and investors to invest in hydrogen to meet the world’s climate goals. Hy24’s first fund will be set up and managed as an impact fund with the aim to reduce global carbon emissions, in accordance with Article 9 of the SFDR regulation. It will scale proven technologies towards mature infrastructure assets generating predictable cash flows, providing investors with unrivalled access to a new asset class that has the potential to follow the same pace of growth as renewables. The portfolio will be diversified across geographies (Europe, Americas and Asia) and value chains, from upstream projects like green hydrogen production, to downstream projects like captive fleet and refueling stations. The value- creation opportunity is significant: job creation and decarbonization, especially in hard-to-abate sectors. Mathias Burghardt, Head of Ardian Infrastructure and Member of Ardian’s Executive Committee, said: “We are proud to have been chosen by some of the world’s leading industrial players and investors to lead this initiative. At a time when the European Union has announced a step-up in its climate ambitions, and just ahead of COP26, it is a great responsibility to lead such a platform. We were early backers of the renewables market, our platform reaching 7.5GW of heat and renewable capacity today, and it is clear to us that hydrogen is facing a similar trajectory. This collaborative partnership is exactly in line with how Ardian Infrastructure operates. We are confident that Hy24 will be able to play a leading role in accelerating the hydrogen scale-up needed to decarbonize our economies.” Pierre-Etienne Franc, Co-founder and CEO of FiveT Hydrogen, said: “This is a great step forward for FiveT Hydrogen. Via this unique partnership, we expect to mobilize €15bn worth of investments as a catalyst for scaling up the industry at pace. The world urgently needs to accelerate the energy transition and reduce the carbon output of energy intensive, hard-to-abate sectors like transport and industrial production. Together with Ardian, and with the ambitious backing of our industrial LPs, we are well-placed to do this, combining a unique skill set and track record.” The Hy24 executive committee comprises Laurent Fayollas (President), Pierre-Etienne Franc (CEO), Amir Sharifi (Chief Investment Officer), Nicolas Brahy (General counsel, public affairs and ESG Director) and Sébastien Paillat (Managing Director, Investments). A recruitment process is ongoing to establish a dedicated global team operating across four countries: France, Switzerland, the U.S. and Singapore. 1 The platform will be operational later in 2021, subject to AIFM accreditation by the French Market Authority (AMF) and to the finalization of the legal documentation with all partners. The Alternative Investment Fund Manager Directive (AIFM) provides a regulatory framework for alternative investment fund managers in Europe.
See more
Hy2gen
Renewable hydrogen producer Hy2gen secures EUR 47 million from existing shareholders to accelerate its pipeline of Power-to-X projects Hy2gen secures €47 million from existing shareholders in a funding round led by Hy24, with Technip Energies and individual founding investor BenDa. The funding will support further acceleration of Hy2gen’s portfolio of e-fuels and green ammonia projects to reach Final Investment Decision (FID) and enter the construction phase. Hy2gen’s most advanced projects will benefit from this funding round with the reaffirmed support of leading investors. Wiesbaden, Germany, 29 April 2025 – Hy2gen AG, the global renewable hydrogen producer, announces today it has completed an additional funding round of €47 million from existing shareholders. The round is led by Hy24, the world’s leading low-carbon hydrogen asset manager investing through its Clean Hydrogen Infrastructure Fund, alongside leading Engineering & Technology company Technip Energies, and individual founding investor BenDa (Family fund of Hy2gen’s Chairwoman Dana Kallasch). The capital will be used to accelerate the deployment of Hy2gen’s portfolio of projects producing renewable hydrogen and its derivatives in Europe, Canada and South America – to reach Final Investment Decision (FID) and prepare the construction phase. Hy2gen is designing, building, and operating green hydrogen, green ammonia, e-SAF, e-methane and e-methanol production plants using Power-to-X processes to support its clients in decarbonizing energy-intensive and strategic ‘hard-to-abate’ sectors such as shipping and aviation, as well as chemicals and fertilizers. Hy2gen’s most advanced projects would represent a total installed electrolysis capacity of c. 2 GW and a funding of more than €5 billion to start the construction phase by 2027. Hy2gen’s portfolio include the 300 MW project “Courant” located in Canada, a renewable ammonia and ammonium nitrate plant of approximately €2bn of capex, currently finalizing its design, with construction expected to begin by 2027, “Atlantis” plant extension in Germany, which began producing renewable hydrogen in 2023, and “Iverson” project in Norway, aiming to produce 200,000 tons of renewable ammonia annually using renewable hydropower. In addition, Hy2gen is collaborating with H2V in the Fos-Marseille industrial basin, on a 390 MW project with a capex of approximately €1.5bn, contributing to the decarbonization of Europe’s aviation sector with a production of 75,000 tons of e-SAF. Cyril Dufau-Sansot, CEO of Hy2gen, declared: “Thanks to our financial and strategic investors we can take our projects to produce renewable hydrogen and hydrogen derivatives to the next level. Looking back at 2022, I am very pleased to receive another capital raise of €47 million thanks to our trusted investors. This enables us to establish ourselves as a top tier supplier of renewable fuels to cut industrial emissions. With this continued support, we maintain our trajectory to lead the development of the renewable hydrogen industry. The demand for renewable hydrogen and hydrogen derivatives is growing with the long-term economic need to decarbonize industries. We have spent the years since the last capital raise developing projects all over the world for different applications of renewable hydrogen, e-SAF for aviation, e-Methanol, renewable ammonia and more. We have also proven ourselves in operating small scale production plants with our facility in Werlte, Germany. Now we can confidently complete the planning and certification stages for our industrial scale production plants and head toward the construction phase.” Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “In today’s geopolitical and industrial context, resilience is essential. Over the past three years, Hy2gen has demonstrated its ability to build a diversified portfolio of e-fuel and green ammonia projects across Europe, Canada and South America. The company has mobilized a highly experienced team and addressed the complex challenge of industrial scalability and decarbonization—balancing offtake agreements with unique access to renewable resources. As an investor and catalyst, our role is to support the most promising entrepreneurs in the ecosystem. That is why we are reaffirming our confidence in Hy2Gen and its development strategy.” Arnaud Pieton, Chief Executive Officer of Technip Energies, stated: “As a strategic investor and engineering partner we are pleased to continue to support Hy2gen’s mission to drive decarbonization forward. We will continue to leverage our engineering capabilities, proven project delivery expertise, and the strengths of our companies, including Rely with its integrated green hydrogen and Power-to-X solutions, to support the successful realization of Hy2gen's projects. We are dedicated to affordable solutions at scale for a world designed to last.” Dana Kallasch, of BenDa, said: “As the Chairwoman of the Supervisory Board and a long-term investor in Hy2gen, I am pleased to underscore that the recent capital increase represents not only a significant milestone for the company, but also a pivotal contribution to our shared vision of a sustainable, green future. The newly raised financial resources will enable Hy2gen to further accelerate the development and expansion of its innovative projects in the fields of renewable energy and green hydrogen. These initiatives are crucial not only for the advancement of the industry but also for the broader transition towards a more climate-resilient and sustainable global economy. As a co-founder and committed investor, we are proud to take part in this financing, reaffirming our long-term dedication to Hy2gen’s success and its contribution to a greener future.”
See more